Bridge & Building Construction Co. Pvt. Ltd., the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Runwal Realtors Private Limited, the Respondent/Corporate Debtor. The application stemmed from a Joint Venture Agreement (JVA) entered into between the parties on 2017-01-12 to develop and construct 'Runwal Manjari Township'. The Applicant/Financial Creditor invested Rs.2,59,78,540/- out of a proposed Rs.4,85,00,000/-, but the Corporate Debtor allegedly remained silent on project updates, leading the Applicant to seek a refund. The Corporate Debtor claimed the amount was a joint venture contribution, not a loan, and that the Applicant
…Bridge & Building Construction Co. Pvt. Ltd. (Applicant/Financial Creditor) and Runwal Realtors Private Limited (Respondent/Corporate Debtor) entered into a Joint Venture Agreement (JVA) on 2017-01-12 to develop 'Runwal Manjari Township' on 2.75 acres of land in Pune. The Applicant agreed to invest Rs.4,85,00,000/-, with Rs.2,60,00,000/- as an advance payment upon execution of the JVA and the remaining Rs.2,25,00,000/- within six months. The Applicant paid Rs.2,59,78,540/- between 2017-05-19 and 2017-06-13. The Corporate Debtor allegedly failed to provide project updates, leading the Applicant to stop further payments and seek a refund via a letter dated 2018-08-18. The Corporate Debtor responded on 2018-10-05, claiming the amount was a joint venture contribution
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Bridge & Building Construction Co. Pvt. Ltd., the Applicant/Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Runwal Realtors Private Limited, the Respondent/Corporate Debtor. The application stemmed from a Joint Venture Agreement (JVA) entered into between the parties on 2017-01-12 to develop and construct 'Runwal Manjari Township'. The Applicant/Financial Creditor invested Rs.2,59,78,540/- out of a proposed Rs.4,85,00,000/-, but the Corporate Debtor allegedly remained silent on project updates, leading the Applicant to seek a refund. The Corporate Debtor claimed the amount was a joint venture contribution, not a loan, and that the Applicant
…Bridge & Building Construction Co. Pvt. Ltd. (Applicant/Financial Creditor) and Runwal Realtors Private Limited (Respondent/Corporate Debtor) entered into a Joint Venture Agreement (JVA) on 2017-01-12 to develop 'Runwal Manjari Township' on 2.75 acres of land in Pune. The Applicant agreed to invest Rs.4,85,00,000/-, with Rs.2,60,00,000/- as an advance payment upon execution of the JVA and the remaining Rs.2,25,00,000/- within six months. The Applicant paid Rs.2,59,78,540/- between 2017-05-19 and 2017-06-13. The Corporate Debtor allegedly failed to provide project updates, leading the Applicant to stop further payments and seek a refund via a letter dated 2018-08-18. The Corporate Debtor responded on 2018-10-05, claiming the amount was a joint venture contribution
…The Corporate Debtor and the…
The Applicant/Financial Creditor paid an ad…